- Individuals who are resident of India.
- NRIs holding an Indian passport.
- Minimum age Limit: 21 years.
- Income:
Resident Indian:- Salaried Persons: Minimum gross monthly salary ₹10,000/-
- Others: Minimum Annual gross income ₹1,20,000/-
NRIs:
- Salaried Person: Minimum gross monthly salary ₹1 lakh.
- Others: Minimum Annual gross income of ₹12 lakh.
- Up to 120 months.
- Mortgage of properties.
- Guarantee of the spouse wherever feasible in the absence of which third party solvent guarantor
- General: In equal / equated monthly installments (EMIs).
- Agriculturist: Yearly basis including yearly interest.
- Up to 33.33%
- View Latest Rate of Interest
- View Service Charges.
- Upfront charges will be collected (wherever applicable) towards legal, valuation, BIR etc.
Purpose:
- For meeting business/professional needs, House repair, House renovation, development of property and also for consumption purpose.
- In case of NRIs, the purpose should be as permitted under FEMA guidelines.
Amount of Finance:
- Three times of the average annual income of last two years/36 times the latest take home salary/50% of the market value of the property(40 % of market value for industrial properties).
- Subjected to a minimum of ₹11 lakh and maximum of ₹500 lakh.
The above information is subject to terms and conditions.For more details, please contact the nearest Branch
Frequently Asked Questions (FAQs) for KBL- Mortgage Loan
What is Mortgage Loan?
Mortgage loan is the money borrowed from a bank on interest for meeting business/professional needs, house repair, house renovation, development of property and also for consumption purpose.
What is the tenure of Mortgage Loan?
Maximum 120 months.
What are the eligibility conditions for availing Mortgage Loan?
- All Individuals who are resident of India and NRIs holding an Indian passport.
- Above 18 years of age.
- Maximum age limit is 70 years.
What security do I have to furnish?
- Mortgage of properties residential or commercial (Industrial and Agriculture properties are not permitted).
- Guarantee of a suitable third party/family member, acceptable to the Bank.
What is a down payment/margin money?
Generally, banking & finance institutions finance up to 67% of the cost of the property bought. The remaining 33% of the amount is paid on an up-front basis, which is popularly known as the down payment/margin money.
How much margin money/down payment I have to give?
- In case of residential/commercial properties:33%
- In case of already mortgaged properties: Minimum 50% margin shall be maintained on the surplus value above 110% of the existing liabilities against the said property.
What are the fees charged by the bank?
Processing fee / upfront fee(Legal, Valuation and Background Information Report charge)
What is an EMI?
EMI or Equated Monthly Instalment is a fixed amount repaid by you to the bank on a specific date every month. The EMI's are fixed when you borrow money from the bank as a loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid in full to the bank along with interest.
What is EBLR?
EBLR stands for External Benchmark Lending Rate. Karnataka Bank has adopted 6 Months T-Bill (Treasury Bill) as the external benchmark to link its floating rate with effect from 01.10.2019.
